Gold prices are currently exerting pressure on the critical support level at 1923.00, with a potential break below this level serving as confirmation of the ongoing bearish wave, targeting the next downside station at 1913.15.
The prevailing bearish trend scenario remains valid and active, conditional on the price maintaining stability above the 1929.00 level. It is noteworthy that a successful breach of the targeted support may extend the bearish momentum, with potential objectives in the vicinity of 1890.00 in the short term.
For today’s trading session, the expected trading range is projected to span from the support level at 1913.00 to the resistance level at 1940.00.
In summary, the prevailing trend for today underscores a bearish sentiment for gold prices, with the critical support level at 1923.00 in focus. A break below this level could result in further downward movement, while stability above 1929.00 may suggest a potential shift in the trend.